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Financing : Nationwide Real Estate Advice

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  • Home Buying259K
  • Home Selling43K
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Activity 20,946
A few hours ago
Kris answered:

I work at Schedule My Rent. We have a modern and really easy online rent system at a great price. Let me know if you have questions. ... more
0 votes 24 answers Share Flag
A few hours ago
Jimraio1240 answered:
Wait until the interest level drops at least 2% from the bank. Then it's worth it.
0 votes 16 answers Share Flag
A few hours ago
Michael asked:
Buying new home in Orlando, FL area. $1M with 20% down so looking for a $800k mortgage. My credit score is 720 but we have a serious delinquency still on our report. We refinanced back…
0 votes 0 Answers Share Flag
Yesterday at 7:34pm
Mari03bu asked:
Yesterday at 4:49pm
Eddie Rogero answered:
Hello David! Are you renting with your name on the lease ? The lender might be able to use some non-Traditional credit such as rent, utilities, auto insurance etc..
0 votes 1 answer Share Flag
Yesterday at 9:46am
Angelique Patrick answered:
Is there anyone in Missouri that will do a loan on a 50k home with a credit Score of 520?
The owner is also willing to do a 10 to 15 percent carry back.
0 votes 7 answers Share Flag
Yesterday at 7:02am
Robert Spinosa answered:
First point to note is that I am only licensed to lend in California, but with that out of the way, we have a program that will allow a 5% down payment up to a loan amount of $1.5MM. You need a 720 FICO score to qualify for this mortgage and we offer both a 30-year fixed and 5/1 ARM option. There is no PMI and there are no prepayment penalties.

We are also experts on jumbo mortgages with 10% down and can do those up to a purchase price of $1.9MM as a "piggyback" or 80/10/10 and then higher than that in price point and loan amount with either the Unison homebuyer program or with a single loan (no PMI) option --- like with the 5% down program above.

If you have less than 20% down but have good credit and income, certainly get in touch if you think we can help you with your home purchase. Thank you!
... more
0 votes 15 answers Share Flag
Thu May 25, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

It certainly makes the process a little tougher but generally you can uses your two year average income shown on your tax returns as your income.

If you have any other questions or would like help with this you are welcome to get in touch with me.
... more
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Thu May 25, 2017
Gregg Pomeroy answered:
Also it look like your in Poughkeepsie. I know that area and all of the Hudson Valley well.
0 votes 3 answers Share Flag
Thu May 25, 2017
William J Acres answered:
More info needed, but in general, if you cancel the file within 3 days of application, then the lender must refund you any monies you paid to them.. if however, you go beyond the 3 day waiting period, then the lender is not required to refund you any costs.. The appraisal fee is a 3rd party fee and would be subject to their policy.. typically, if the inspection has not been done, then they will cancel with a small cancellation fee (Say $100 or so).. otherwise, if the appraisal report was completed, then no.. you would not be subject to a refund. As far as the processing fee.. most lenders do not charge this upfront.. it's collected at closing.. in fact the only lender I'm aware of that charges an upfront processing fee is Wells Fargo.. This might have changed, but I remember a while back it was done on all transactions..

William J. Acres, California/Arizona NMLS 226347
... more
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Thu May 25, 2017
M_doctor answered:
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... more
0 votes 88 answers Share Flag
Thu May 25, 2017
Vstritzel answered:
Your credit score is best if it is 700 or better
But more important is your income and debt
ratio for the last two to five years and if you have a recent history of late payments or bankruptcy ... more
0 votes 87 answers Share Flag
Thu May 25, 2017
Global Funding Solutions answered:
Do you need a Personal/Business loan without stress and quick approval today?
0 votes 183 answers Share Flag
Wed May 24, 2017
Kathy Burgreen answered:
I'm a recently retired NYC realtor and life long area resident. I'm assuming you are buying a condo or a house because co-op Boards do not accept FHA. What I'm very confused with is if you have a closing date, how did you get this far? Were you pre approved by a lender already? If you have been pre approved, then your lender should be able to close the loan.
If you were NOT pre approved, how could you sign a contract and have a closing date? Most NYC realtors do not allow buyers to sign contracts unless they have proof of financing (pre approval letter or proof of funds). I'm shocked your realtor allowed this. Perhaps you are working with a new licensed agent who doesn't know what they are doing?
Having permission from a trustee to proceed and buy a home does NOT mean you are qualified to buy a home. It's only proof for the lender that you can proceed. Lenders need to qualify you based on several factors - not just permission from a trustee. The criteria lenders use is: employment and income; savings or investments; credit history and credit score; debt to income ratio and tax returns.

Bottom line - Even IF you find a lender, there is NO GUARANTEE that a lender will approve you to buy a home. If you are under contract, you need to brace yourself that you may need to cancel and back out. Will you lose your deposit? You will not get a refund for fees already paid. You did things backwards.
... more
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